BSV Marks First Anniversary, Claims More Applications Than Bitcoin’s Prior Years
Bitcoin Satoshi Vision (or BSV) on Friday Nov. 15 marked its first anniversary with claims of rivaling Bitcoin (BTC) for more on-chain transactions – though with less than 2% hash rate against BTC’s 93.9% and about 5% network nodes – as well as bigger average block sizes.
The network, which emerged a fork of Bitcoin, maintains it has solved Bitcoin’s biggest problem of scaling as it currently handles 35 mln transactions per day and working to be able to handle thousands of transactions per second. Also, BSV claims to have seen more applications developed on its network in a year than on all prior years of BTC.
“BSV development is exploding in China, with many great new applications and projects emerging – such as RateSV, BitMesh, CityonChain, FastPayButton, an Air Quality Index application, and many more coming,” one of its advocates and the founding president of the Bitcoin Association, Jimmy Nguyen says, adding that their main effort to encourage more projects on BSV is with a message of BSV being “the only blockchain that meets all the requirements that businesses, big or small, need for building their applications” including scalability, low and reliable transaction fees, security, regulation-friendliness etc.
Around 50% of all $BSV mined is never moved. Hoarded by miners who can't sell as it would collapse the price due to lack of any organic demand.
How long can they sustain this for?
— Alistair Milne (@alistairmilne) November 14, 2019
This claim has been disputed on several fronts as the BSV network has been alleged to be inconsistent and even delisted by popular exchanges like Binance. Yet, BSV is poised to support businesses and developers to build more applications on its network since “scaling is a key advantage for BSV” and keen on “restoring Bitcoin’s original protocol with our “Genesis” upgrade in February 2020” so that “Bitcoin can work and scale as it was originally designed”. It also wants to support microtransactions and micropayments and “launch of Teranode – the enterprise-class level version of the BSV Node software to take scaling and enterprise-use to even bigger levels”.
“Educating businesses about why they should build on BSV is also one of our key priorities at Bitcoin Association. We recently launched a “BSV: Bitcoin for Business” event series to focus specifically on this; the first event in Tokyo, Japan attracted over 60 attendees from businesses, crypto exchanges, and media. We have also appointed a global set of Ambassadors who are helping us advance BSV in their countries and regions – with particular focus on talking to businesses. In just one year, we have rapidly seen results – such as the BUSKON music content delivery platform built on BSV by ONEstore (the 2nd largest mobile app store in South Korea), and gaming technology company Bitboss with its product to tie casino system back-ends to player mobile wallets that use BSV and BSV tokens. Expect even more businesses to build on BSV in 2020 and the years to come.”
There have been many proposed ways to solve Bitcoin’s scaling problem but none of them has been realized as at yet. While about 200 developers are reportedly reviewing “Bitcoin Improvement Proposals” (BIPs) for upgrades that could enhance Bitcoin’s privacy and scalability, the BSV advocate insists the narrative that Bitcoin cannot scale is wrong. Aside the referenced Coin.dance record, he says: “…check out Blockchair.com to see a list of the biggest blocks mined on BSV so far in descending order. You’ll see the BSV mainnet has successfully mined many blocks over 100MB, and six blocks over 200MB, in size. BSV has already demonstrated the ability to handle big blocks with larger data transactions – evidenced by two world-record 256MB blocks containing larger data files mined on July 28. On August 3, a Chinese BSV supporter tested high volumes of small data size transactions on the BSV mainnet, resulting in a 210MB block with over 800,000 individual transactions and a 150MB block with over 700,000 individual transactions. Compare this to the BTC network with its tiny 1MB block size, which artificially crippled that blockchain and falsely told the world that Bitcoin cannot scale.”
He explained that a July 24 BSV Scaling Test Network successfully mined 12 consecutive blocks of a full 2GB [over 2000 MB] with larger data flies and is now testing high volumes of smaller transaction sizes, regularly mining blocks that are hundreds of MB in size with millions of individual transactions – with a 780MB block containing almost 4 mln transactions.
“As of today (19 November 2019), the Scaling Test Network is showing average block size of about 90MB, and speed close to 900 transactions per second”, Nguyen says. “We expect the mainnet will soon support this level of capacity, and even more. These results are achieved because BSV Node team is doing the work necessary to achieve massive scaling. For example, a software update from July (BSV Node version 0.2.1) included a key improvement which substantially decreases the time it takes to produce blocks with many transactions, enabling miners to produce even larger blocks than are common on BSV.”
The proposed Teranode launch is to take a microservices architecture approach that will make it possible for the BSV network to sustain even bigger blocks scaling that could see it “rival and surpass the transaction capacity (in terms of transactions per second) of the VISA payment network.” This will enable the building of more applications and real use of the blockchain, he concludes.